Sirius Financial Solutions, a specialist supplier of software and services to the insurance and financial services industry worldwide, has reported a rise in operating profit to £2.1m from £1.4m.
Chairman Stephen Verrall said operating profit was ahead of expectations as a result of a combination of cost control and strong growth in the Insurance Systems business unit.
Verrall said: "We have a strong order book and with increased forward visibility we are confident about the group's prospects."
Group turnover for the year was £21.8m compared with £21.7m in 2004 but pretax profit fell to £340,229, from £385,444.
Sirius said recurring revenues remained strong and at £8.7m represent 39.8% of group turnover.
Verrall said the outlook for Sirius is very encouraging in 2006 and the board continues to receive considerable interest in both its Sirius 21 and Sirius for Insurance products.
He added that sales opportunities in these areas will be further enhanced from the ongoing introduction of web servicing capability.
In the area of professional services Verrall said he is particularly confident that sales objectives will be achieved as they are already strongly underpinned by the existing order book.
